Regret is a powerful emotion.
And selling property is one of the most significant decisions people ever make.
So, regret over selling property can be particularly painful.
Read on to learn about its causes and how to manage it.
Common reasons people regret selling a house
1. Problem with new property
Sometimes, a new property – or area – does not meet homeowners’ expectations.
In the short term, this could be due to significant issues with the property.
(If these are ones the previous homeowner didn’t disclose, it’s possible to sue them for damages.)
Or perhaps the area isn’t like you previously imagined it to be. Or the costs of selling were more than imagined.
In the longer term, this may be because local property prices have lowered or not increased.
2. Progress with old property
Some people regret selling their old property because it has significantly increased in value since it was sold.
It might be due to new developments in the area. Or perhaps the owners have made significant changes to it, such as an extension or remodelling.
This kind of regret is, of course, usually only an issue if their new property hasn’t increased in value similarly.
3. Sentimental attachment
It’s natural to feel attached to your old house. Perhaps you grew up there, or maybe your happiest memories are tied to the property.
As a famous writer once put it:
“One is always at home in one’s past.”
4. New owner neglect or taste
Even if you’re happy to leave your house, it can be upsetting when you see that it’s changed.
New owners are free to make significant changes, provided they are the three holders and have obtained planning permission.
Unless you have placed a covenant on the property, you have no say on these.
5. Price woes
People sell their homes for less than market value for many reasons, including:
- Having been negotiated down. Sometimes this comes in an extreme form: Gazundering.
- Bad estate agent advice: Not all estate agents are good. Some may accidently or purposely give bad advice.
- Selling to an alternative channel. This might include a cash buyer or an auction home.
- You were going through a divorce. The stress from this can cloud judgement on house sales.
Many, but not all, of these factors are related to timing, which is sometimes as important as price in property sales.
Can a house sale be undone?
Not once the exchange of contracts has occurred.
The sale is binding at this point, and you can’t pull out without severe penalties. You’ll be forced to proceed with the sale anyway.
What can you do?
After the exchange of contracts, it is best to contact the new owners. Ask if they’d consider selling it back to you.
In the unlikely event they are willing to sell back to you, it can be done privately.
You will likely have to cover legal fees and pay a significantly higher price to them than you sold it for.
Right of first refusal
Of course, once you have sold a property, it’s too late for this. However, to avoid future property-related regrets, a right of refusal can be considered.
It’s a clause for having your buyers first the property to you when they list the house for sale. It’s often used in the content of tenanted property.
Keep in mind that you must make your buyer aware of this clause when you sell. And they’ve got every right to refuse, as it’s not common.
It may be challenging to find a buyer who agrees to a buyback clause.
